Updated almost 11 years ago on . Most recent reply
New Investor Brooklyn NY
My name is Tyler and I am a new investor and new to BP. I currently work full time in Brooklyn for an insurance wholesaler and am looking to start investing in some properties. I write property and casualty insurance in the area and a lot of the policies are for real estate investors and contractors. I have learned a lot about neighborhoods and construction from my work and I think that will help a lot in purchasing deals.
I have saved up some money to get started and I am on the fence on the best way to get going. I originally thought I'd try and find a duplex in BK to live in(which would be pricey), it would require a decent amount down to get financed. I figured I could always borrow against the equity of that place and get A LOT for rent from tenants and roommate, plus the tax advantages after 2 years on appreciation. The other option I am juggling would be to look into other areas that are cheaper for a buy and hold cash flow positions. Any input for a newbie in the industry would be greatly appreciated!
Most Popular Reply
NYC = Bay Area when it comes to making money with RE. Appreciation matters! It's not mere speculation. Read:
http://www.biggerpockets.com/forums/99/topics/1353...
I'd definitely get into the BK market. I know williamsburg is now yuppie expensive, so I'd suss out the next up and coming hoods in BK. Great way to get into RE. Go for a duplex, or partner with someone like the poster above and buy more units, you guys live/manage the bldg. You'll learn ALOT first hand, and you'll be able to take your appreciation a few years later and leverage it to buy another property if you wish.
I personally suggest you stay away from this random turn key out of state stuff. You live in BK FFS! That's the place to get into the gentrifying areas!
Remember: cash flow pays the bills, but appreciation will make you rich.